The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Saiteja Constructions (Operational Creditor) against M/s Novus Green Energy Systems Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of Rs.3,18,53,005/-. The Corporate Debtor was awarded two contracts, namely Contract-I dated 02.04.2019 for compound wall and Contract-II dated 10.06.2019 for industrial shed. The Corporate Debtor issued work order on 02.04.2019, offered Tender Document for construction of industrial buildings in question, declared the Operational Creditor as successful bidder and ultimately awarded contract worth Rs.8.40
…M/s Saiteja Constructions (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Novus Green Energy Systems Limited (Corporate Debtor) for defaulting on a payment of Rs.3,18,53,005/-. The Operational Creditor is a partnership firm engaged in civil engineering and construction. The Corporate Debtor is registered under the Companies Act, 1956, and manufactures solar energy systems and panels. The Corporate Debtor issued a work order on 02.04.2019, offering a tender document for the construction of industrial buildings, and awarded a contract worth Rs.8.40 crores to the Operational Creditor. The Corporate Debtor admitted to a liability of Rs.2,79,41,233/- in an email dated 14.10.2020. However, the Corporate
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Corporate Debtor issued…
Contract-II…
The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Saiteja Constructions (Operational Creditor) against M/s Novus Green Energy Systems Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of Rs.3,18,53,005/-. The Corporate Debtor was awarded two contracts, namely Contract-I dated 02.04.2019 for compound wall and Contract-II dated 10.06.2019 for industrial shed. The Corporate Debtor issued work order on 02.04.2019, offered Tender Document for construction of industrial buildings in question, declared the Operational Creditor as successful bidder and ultimately awarded contract worth Rs.8.40
…M/s Saiteja Constructions (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Novus Green Energy Systems Limited (Corporate Debtor) for defaulting on a payment of Rs.3,18,53,005/-. The Operational Creditor is a partnership firm engaged in civil engineering and construction. The Corporate Debtor is registered under the Companies Act, 1956, and manufactures solar energy systems and panels. The Corporate Debtor issued a work order on 02.04.2019, offering a tender document for the construction of industrial buildings, and awarded a contract worth Rs.8.40 crores to the Operational Creditor. The Corporate Debtor admitted to a liability of Rs.2,79,41,233/- in an email dated 14.10.2020. However, the Corporate
…Corporate Debtor issued…
Contract-II…